Sonic Bids Farewell to WICP Support, Welcomes Transition to ICP

Effective January 30th, 2024, Sonic, the blockchain and DeFi platform, is set to undergo a significant transformation by discontinuing its support for WICP. This strategic decision, while not made lightly, is rooted in Sonic’s commitment to constant improvement and adaptability within the fast-evolving landscape of decentralized finance.

The first noticeable change will take place on January 30th, 2024, as the functionality allowing users to swap WICP is disabled. This marks the initial step in Sonic’s meticulous plan to refine its operational framework. Subsequently, by March 30th, 2024, users will no longer be able to withdraw their WICP from the liquidity pool, completing the transition away from WICP support.

Acknowledging the potential challenges this shift may present, Sonic is introducing a proactive measure to ease the transition for its user base. A unique incentive program has been unveiled, encouraging liquidity providers to embrace the move from WICP to ICP. This initiative offers participants the opportunity to become part of an exclusive pool, where a collective reward of $5000 in $SONIC tokens awaits.

Participation in this incentive program is straightforward, involving a three-step process:

  1. Close your existing WICP position.
  2. Swap your WICP holdings for ICP.
  3. Create a new liquidity position, pairing ICP with any other token available on Sonic.

To qualify for the incentive, users must adhere to a set of eligibility criteria:

  • The incentive is exclusively applicable to users transitioning from WICP to ICP.
  • Users must use the same wallet for creating the ICP pair as was used for closing the WICP.
  • A crucial note: Wallets created after this announcement will not be eligible for the incentive.

This strategic shift aligns with Sonic’s ongoing commitment to adaptability and evolution within the dynamic realms of blockchain and DeFi. Sonic envisions these changes as a catalyst for a more robust and efficient trading experience on its platform, thereby reinforcing its position in the swiftly evolving world of decentralized finance.

Subscribe

Related articles

Blockchain Meets AI: Europe’s Next Tech Evolution

Blockchain technology and artificial intelligence (AI) are set to...

Hathor Network Shines at Sushi Tech Tokyo

Hathor Network made a significant impact at Sushi Tech...

Green Mining: Marathon Digital’s Eco-Friendly Leap in Kenya

The world of cryptocurrency is witnessing a remarkable shift...
Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

LEAVE A REPLY

Please enter your comment!
Please enter your name here